NYTimes: U.S. to Order Steep Pay Cuts at Firms That Got Most Aid; GOP: Reward Their Greed

From the New York Times:

WASHINGTON — Responding to the furor over executive pay at companies bailed out with taxpayer money, the Obama administration will order the firms that received the most aid to slash compensation to their highest-paid employees, an official involved in the decision said on Wednesday.

The plan, for the 25 top earners at seven companies that received exceptional help, will on average cut total compensation by about 50 percent. The companies are Citigroup, Bank of AmericaAmerican International GroupGeneral Motors, Chrysler and the financing arms of the two automakers.

Some executives, like the top traders at A.I.G., will face tight limits on their pay. In addition, the top-paid employees at all the affected companies will face new limits on their perks.

The plan will also change the form of the pay to align the personal interests of the executives with the longer-term financial health of the companies. For instance, the cash portion of the executives’ salaries will be slashed on average by 90 percent, and the rest will be replaced by stock that cannot be sold for years.

But while the plan would pare compensation substantially from what the highest-paid people at the companies might have received under normal circumstances, it would still permit multimillion-dollar pay packages. And it would have no direct impact on firms that did not receive government bailouts or that have already repaid loans they received from Washington, leaving it unclear how much effect, if any, it will have on the broader issues relating to executive compensation, income inequality and the populist animosity toward Wall Street and corporate America.

The plan, which was written by Kenneth R. Feinberg, the official at the Treasury Department in charge of setting compensation for bailed-out companies, will be made public in a few days. The official who described the plan’s basic components did not disclose the particular impact on specific employees of the firms.

Three cheers!

Read more here.

Republicans have a different idea. According to Rachel Maddow, three Republican congressman have offered an ammendment to eliminate all government agencies that regulate banking.

I kid you not. Republicans want to let the banking industry — which plunged the United States economy into the Great Bush Recession, which almost became the Bush Depression — Republicans want to completely deregulate the banking industry so they can do whatever they want. Republicans want to reward the banking industry, which paid out obscene bonuses to executives after accepting bailout money.

Republicans want to reward greed.

Stop back later for details.

To Keith Olbermann: Let’s All Take Credit for “Medicare Part E” and Get It Done Already

I was listening to Countdown this evening listening to Keith Olbermann pat himself on the back for calling for a "rebranding" of the term "public option." Olbermann suggested calling the alternative to for-profit health insurance "Medicare Part E — ‘E’ for ‘Everyone.’ "

That’s a great idea, but Keith is hardly the first to name the new plan. For that, I credit Thom Hartmann, who wrote on September 9, 2009:

The President this morning admitted on national television that he lost control of the message with health care. It’s time to reboot – and use a very, very, very simple message so all Americans can understand it.

Let’s use Medicare, which nearly every American understands. Just create “Medicare Part E” where the “E” represents “everybody.” Just let any citizen in the US buy into Medicare.

It would be so easy. No need to reinvent the wheel with this so-called “public option” that’s a whole new program from the ground up. Medicare already exists. It works. Some people will like it, others won’t – just like the Post Office versus FedEx analogy the President is so comfortable with.

Just pass a simple bill – it could probably be just a few lines, like when Medicare was expanded to include disabled people – that says that any American citizen can buy into the program at a rate to be set by the Centers for Medicare and Medicaid Services (CMS) and the Department of Health and Human Services (HHS) which reflects the actual cost for us to buy into it.

Thus, Medicare Part E would be revenue neutral!

To make it available to people of low income, Congress could raise the rates slightly for all currently non-eligible people (like me – under 65) to cover the cost of below-200%-of-poverty people. Revenue neutral again.

This blows up all the rumors about death panels and grandma and everything else: everybody knows what Medicare is. Those who scorn it can go with United Healthcare and it’s $100 million/year CEO. Those who like Medicare can buy into Part E. Simplicity itself.

And there’s more. Hartmann’s analysis also appeared in CommonDreams.org.

I don’t want to detract from Mr. Olbermann. House Majority Whip James E. Clyburn thanked Keith publicly this evening on Countdown, saying he heard the term first from Mr. Olbermann, and at least one Blue Dog Democrat has thrown his support behind Medicare Part E. Medicare Part E would not be single payer. Since everyone is taking credit, I’ll pat myself on the back also for writing this on August 7, 2009. However, I only wrote that after I heard the term "Medicare Part E" first on Thom Hartmann’s radio program, at least a month before he wrote his analysis. And, to be honest, my call was for a single-payer system. “Medicare Part E” would be an opt-in insurance program, entirely optional. Do you like your for-profit health insurance company? Well, you’ll be allowed to keep it.

Olbermann’s commentary is from his special commentary on October 7, nearly a month after Thom Hartmann:

Once you said "Medicare For Everybody," there would be just as much to explain. If you were under 65 you’d be paying for it. You wouldn’t have to buy it. You wouldn’t have to change from whatever you have now. There are just as many caveats.

Still, the intent of all this would be clearer. Much of the criticism of health care reform is coming from those who have or are about to get Medicare and, in confusion, in fear, in the kind of indescribable realization that we are far closer to the end than to the beginning, they are suddenly mortally afraid that health care reform will take it away from them. "Medicare For Everybody," might not be literally true, but instead of terrifying, it would be reassuring. And the explanations and the caveats would be listened to, and not shouted down, as anger and fear — fear, remember, of death – swell up inside.

Thom Hartmann has been on Countdown before. Keith, invite him back and give him credit as well. After all, the best ideas always happen when no one cares who gets the credit.

I’m cautiously optimistic that this will actually happen.

Keith deserves credit for his incredible commentary. Thom Hartmann deserves credit as well. Let’s all take credit for the concept, the name, and make "Medicare Part E for Everyone" finally happen.

Jon Stewart Takes on GOP Senators Who Voted for Halliburton Over Rape Victims

Jon Stewart takes on the 30 Republican Senators who voted against rape victims in favor of Halliburton.

Yes, this was a vote against rape victims.

Here are the senators who voted "NO" to this bill:

Alexander (R-TN)
Barrasso (R-WY)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Gregg (R-NH)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Kyl (R-AZ)
McCain (R-AZ)
McConnell (R-KY)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Thune (R-SD)
Vitter (R-LA)
Wicker (R-MS)

Yes, you read that list correctly: "McCain (R-AZ)" is that McCain.

So much for America First!

Senator Roland Burris Definitively Favors Government Health Plan

Washington, D.C.– United States Senator Roland Burris (D-IL) wants health care reform with a government health insurance plan and he’s willing to fight for it, says the Wall Street Journal.

From the Chicago Sun-Times:

The Wall Street Journal named him as one of six senators to watch in the coming days as the Senate’s no-public-option bill is merged with the House’s public-option bill.

The other five senators are Republicans and conservative Democrats averse to a public option. Burris, the Journal says, is the one senator out of 100 most insistent that the final bill have a public option:

"The Wild Card: Illinois Democratic Sen. Roland Burris. Mr. Burris has announced his intention to oppose any bill without a public option. . . . Because he isn’t standing for re-election, Mr. Burris has little to lose," the article states.

And from the Wall Street Journal:

The Wild Card: Illinois Democratic Sen. Roland Burris. Mr. Burris has announced his intention to oppose any bill without a public option, and Sens. Bernie Sanders (I., Vt.) and John Rockefeller (D., W.Va.), among others, have also voiced a strong desire for a public option. The message: Democrats at their peril shift to the right to court centrists and Republicans. Because he isn’t standing for re-election, Mr. Burris has little to lose. Democrats hope liberals will support a health overhaul in the end, but they have scant margin for error.

GOP’s Olympia Snowe On Board for Democratic Health Care Reform Bill

Already referenced here, t his one deserves its own headline.

From WTAE Pittsburgh:

Washington– Republican Sen. Olympia Snowe broke with her party Tuesday and said she will vote for a Democratic health care bill, handing President Barack Obama a much-sought boost in his quest to expand access to medical coverage to all Americans.

Approval of the legislation by the Senate Finance Committee was a foregone conclusion going into Tuesday’s vote, since Democrats outnumber Republicans 13-10 on the panel. But Snowe’s decision gave the vote a significance that transcends partisan divisions. For months, congressional Republicans have been virtually unanimous in denouncing the Democratic bills as an unwarranted expansion of government influence.

The Maine senator kept virtually all of Washington guessing about how she would vote until she announced it late in the Senate Finance Committee debate Tuesday. She told her colleagues she has misgivings about the bill, but "when history calls, history calls."

Perhaps the ice is thawing between Democrats and Republicans. It would be nice to have Senator John McCain on board too. That would be good for the country.

Read more.

Will Health Insurance Industry Report Be Enough to Set Congress on Fire?

The health insurance industry issued a report that has Democrats fuming, finally. Will it be enough to set Congress on fire for reform?

From the Sun-Times:

Insurance companies aren’t playing nice any more.

Their message that health care legislation will drive up premiums for people who already have coverage comes as a warning shot at a key point in the debate and threatens President Obama’s top domestic priority.

Democrats and their allies scrambled on Monday to knock down a new industry-funded study forecasting that Senate legislation, over time, will add thousands of dollars to the cost of a typical policy. “Distorted and flawed,” said White House spokeswoman Linda Douglass. “Fundamentally dishonest,” said AARP’s policy strategist, John Rother. “A hatchet job,” said a spokesman for Senate Finance Committee chairman Max Baucus (D-Mont.).

But the health insurance industry’s top lobbyist in Washington stood her ground. In a call with reporters, Karen Ignagni, president of America’s Health Insurance Plans, pointedly refused to rule out attack ads on TV featuring the study, though she said she believed the industry’s concerns could be amicably addressed.

At the heart of the industry’s complaint is a decision by lawmakers to weaken the requirement that millions more Americans get coverage. Since the legislation would ban insurance companies from denying coverage on account of poor health, many people will wait to sign up until they get sick, the industry says. And that will drive up costs.

The first sentence of this article is absurd, “Insurance companies aren’t playing nice any more.”

When have the insurance companies ever played nice? It’s not about playing nice. It’s not about health insurance profits. It’s about people’s lives against an industry’s quest for obscene profits.

The good news today is that GOP Senator Olympia Snowe says she will support the reform bill currently in the Senate Finance Committee. The rest of the GOP and the Conservadems need to jump on board also.

Look, the New Deal was passed because the rich got it. They understood that a 90% tax rate on upper income brackets was good for everyone in the economy, including the rich! Do the rich really want to see the United States return to a Gilded Age with tent cities popping up in ever suburb?

I’ve said it before: the for-profit health insurance industry should be illegal. The purpose of the industry is to make a profit, an obscene profit.

Congress needs to finally feel the fire. Right now it’s burning us alive.

Obama Says He Will End ‘Don’t Ask, Don’t Tell,’ But Doesn’t Say When

Giving what some are calling a “barn-burner of a speech,” President Obama told attendees at the Human Rights Campaign’s annual dinner that he would end the controversial “Don’t Ask, Don’t Tell” policy for the U.S. Military.

But he didn’t say when.

From the Chicago Tribune:

President Barack Obama pledged to end the ban on homosexuals serving openly in the military in a speech Saturday, but acknowledged to a cheering crowd that the policy changes he promised on the campaign trail are not coming as quickly as they expected.

“I will end ‘don’t ask-don’t tell,'” Obama said at the annual dinner of the Human Rights Campaign, a gay civil rights advocacy group.

He did not give a timetable for the repeal of the law passed by Congress in 1993 and signed by President Bill Clinton, who also promised to repeal the ban on homosexuals in the military but was blunted by opposition in the military and Congress.

“We should not be punishing patriotic Americans who have stepped forward to serve the country,” Obama said. “We should be celebrating their willingness to step forward and show such courage … especially when we are fighting two wars.”

Coming from a different perspective, a Muslim Imam told me he recognized President Obama’s ability to speak, and speak well.  He said that, through his gift of rhetoric, the President can give any group the perception that their concerns are the most important thing in the world to him.

And then the President goes and does what he wants.

The jury is still out on President Obama, really.  Congress will have to act to end the ban on homosexuals serving openly in the military.  Let’s see what the President accomplishes with health care reform.  With a Congress so polarized and afraid to come together to address issues in any rational manner, I’m wondering how much true reform Barack Obama will be able to accomplish at all.

He must step up his efforts to reform if he’s serious.  And Congress must learn how to be a deliberative body again.

President Obama’s Weekly Address: New Momentum for Health Reform

Washington, D.C.– The historic movement to bring real, meaningful health insurance reform to the American people gathered momentum this week as we approach the final days of this debate. Having worked on this issue for the better part of a year, the Senate Finance Committee is finishing deliberations on their version of a health insurance reform bill that will soon be merged with other reform bills produced by other Congressional committees.

After evaluating the Finance Committee’s bill, the Congressional Budget Office – an office that provides independent, nonpartisan analysis – concluded that the legislation would make coverage affordable for millions of Americans who don’t have it today. It will bring greater security to Americans who have coverage, with new insurance protections. And, by attacking waste and fraud within the system, it will slow the growth in health care costs, without adding a dime to our deficits.

This is another milestone on what has been a long, hard road toward health insurance reform. In recent months, we’ve heard every side of every argument from both sides of the aisle. And rightly so – health insurance reform is a complex and critical issue that deserves a vigorous national debate, and we’ve had one. The approach that is emerging includes the best ideas from Republicans and Democrats, and people across the political spectrum.

In fact, what’s remarkable is not that we’ve had a spirited debate about health insurance reform, but the unprecedented consensus that has come together behind it. This consensus encompasses everyone from doctors and nurses to hospitals and drug manufacturers.

And earlier this week, Governor Arnold Schwarzenegger of California and New York City Mayor Michael Bloomberg came out in support of reform, joining two former Republican Senate Majority Leaders: Bob Dole and Dr. Bill Frist, himself a cardiac surgeon. Dr. Louis Sullivan, Secretary of Health and Human Services under President George H.W. Bush, supports reform. As does Republican Tommy Thompson, a former Wisconsin governor and Secretary of Health and Human Services under President George W. Bush. These distinguished leaders understand that health insurance reform isn’t a Democratic issue or a Republican issue, but an American issue that demands a solution.

Still, there are some in Washington today who seem determined to play the same old partisan politics, working to score political points, even if it means burdening this country with an unsustainable status quo. A status quo of rising health care costs that are crushing our families, our businesses, and our government. A status quo of diminishing coverage that is denying millions of hardworking Americans the insurance they need. A status quo that gives big insurance companies the power to make arbitrary decisions about your health care. That is a status quo I reject. And that is a status quo the American people reject.

The distinguished former Congressional leaders who urged us to act on health insurance reform spoke of the historic moment at hand and reminded us that this moment will not soon come again. They called on members of both parties seize this opportunity to finally confront a problem that has plagued us for far too long.

That is what we are called to do at this moment. That is the spirit of national purpose that we must summon right now. Now is the time to rise above the politics of the moment. Now is the time to come together as Americans. Now is the time to meet our responsibilities to ourselves and to our children, and secure a better, healthier future for generations to come. That future is within our grasp. So, let’s go finish the job.

Source: whitehouse.gov

Gay Rights Activists Want More From Obama

Gay rights protesters demonstrate outside the Beverly Hills hotel, where U.S. President Barack Obama attended a Democratic Party fundraiser in May.

From the Chicago Sun-Times:

Many of the gay rights activists who will hear President Obama speak at the Human Rights Campaign banquet in Washington, D.C., Saturday worked to get him elected.

They had realistic expectations of what he could do for them if he won, but they have grown impatient with a president who has said nice things but done little more than extend limited rights to federal employees’ same-sex partners.

Obama determined that granting health benefits to same-sex partners was beyond his authority.

“I don’t care what he says Saturday night — I want to see what he does,” Illinois Equality Now founder Rick Garcia said.

This is the second major olive branch Obama has extended to the gay community. He had a White House reception in June at which he tried to reassure his skeptical gay supporters to give him time.

Will Obama have some gay rights legislation or an administrative order in hand when he appears at the gala Saturday night on the eve of the activists’ march on Washington?

Attendees are hoping he has more than just a good speech for the more than 3,000 expected to attend.

Tickets for the gala were quite expensive. This crowd has deep pockets. Others, not lucky or well-off-enough to get in, are expected to protest Obama’s appearance.

Is Obama chasing rainbow money, or will he remember the promises he made to those now protesting in the street?

Keith Olbermann’s Closing Commentary on Health Care Reform

Visit msnbc.com for Breaking News, World News, and News about the Economy

If you missed Countdown tonight, at least watch the last 11 minutes of tonight’s show, which was dedicated in its entirety to a call for health care reform.

I was expecting a rant.  Instead, Keith personalized the issue by talking about his father. This was no rant.

Olbermann’s right.  We need the medical community on our side.

Go to MSNBC to watch the entire show.